Swing Line Loan Borrowing Procedure Clause Samples

The Swing Line Loan Borrowing Procedure outlines the specific steps a borrower must follow to request and obtain a short-term, typically same-day loan (a Swing Line Loan) from a designated lender within a syndicated credit facility. This procedure generally requires the borrower to submit a borrowing notice, often specifying the amount and requested funding date, directly to the Swing Line Lender, who then advances the funds subject to certain limits and conditions. By establishing a clear process for accessing immediate, short-term liquidity, this clause ensures efficient handling of urgent funding needs while maintaining control and oversight for both the borrower and the lender.
Swing Line Loan Borrowing Procedure. To request a Swing Line Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy) not later than 2:00 p.m. (New York time) on the day of such proposed Swing Line Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and the amount of the requested Swing Line Loan and the Tranche under which such Swing Line Loan shall be made. The Administrative Agent will promptly advise the Swing Line Lender of any such notice received from the Borrower. The Swing Line Lender shall make each Swing Line Loan available to the Borrower by means of a credit to the general deposit account of the Borrower with the Swing Line Lender as promptly as practicable after the receipt of such notice on the requested date of such Swing Line Loan (and in any event not later than 4:00 p.m. (New York time) if the Swing Line Lender receives such notice by 2:00 p.m. (New York time)).
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Swing Line Loan Borrowing Procedure. Whenever the Borrower desires to borrow Swing Line Loans under this Section 2.4(c), the Borrower shall deliver to the Swing Line Lender written notice (or telephonic notice promptly confirmed in writing) in substantially the form of Exhibit B (each such notice, a "Swing Line Borrowing Notice") no later than 11:00 A.M. (Eastern time) on the requested Funding Date of the requested Swing Line Loan (or such shorter period as agreed to by the Swing Line Lender), specifying (i) that the Borrower wishes to borrow a Swing Line Loan, (ii) the amount of the Swing Line Loan thereby requested (which shall not be less than $100,000 and shall be in multiples of $50,000), (iii) the requested Funding Date of such Swing Line Loan, which date shall be a Business Day, (iv) the requested interest rate option and (v) the requested term of the Swing Line Loan, which term shall be a period of not less than 1 but not more than 7 days (any such period, a "Swing Line Period") and which term shall be agreed to by the Swing Line Lender. Notwithstanding the foregoing, however, in the event that an "auto borrow" or "zero balance" or similar arrangement shall then be in place with the Swing Line Lender, the Borrower shall request Swing Line Loans pursuant to such alternative notice arrangements and in such minimum amounts, if any, provided thereunder or in connection therewith.
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Swing Line Loan Borrowing Procedure. Whenever the Borrowers ----------------------------------- desire to borrow Swing Line Loans under this Section 2.4, the Borrowers shall deliver to the Swing Line Lender irrevocable written notice (each such notice, a "Swing Line Borrowing Notice"), and the Swing Line Lender may, in its sole and absolute discretion and upon such other arrangements as shall be specifically agreed to by the Swing Line Lender and the Borrowers, make a Swing Line Loan to the Borrowers on the date (which shall be a Business Day), at the time and in the amount so agreed; provided, however, that (i) the principal amount of any Swing Line Loan made -------- ------- - hereunder shall not be less than $1,000,000.00 (and shall be in multiples of $250,000.00) and (ii) an individual Swing Line Loan shall be offered by the -- Swing Line Lender for a period of not less than 1 but not more than 29 days (any such period, a "Swing Line Period").
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Swing Line Loan Borrowing Procedure. The Swing Line Lender shall make Swing Line Loans to the Borrower upon the terms and subject to the conditions contained in the autoborrow services agreement entered into by the Borrower and the Swing Line Lender (as such agreement may be amended, modified or supplemented from time to time, the "Autoborrow Services Agreement"), and otherwise on the date (which shall be a Business Day), at the time and in the amount as provided in the Autoborrow Services Agreement. The Autoborrow Services Agreement shall specify, among other things, the minimum amount of each Swing Line Loan and the minimum and maximum period during which any Swing Line Loan may remain outstanding. The Swing Line Lender shall have no obligation to make available to the Borrower any Swing Line Loan until such time as the Borrower and the Swing Line Lender shall have executed and delivered the Autoborrow Services Agreement.
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Swing Line Loan Borrowing Procedure. The Swing Line Lender shall make Swing Line Loans to the Borrower upon the terms and subject to the conditions contained in the autoborrow services agreement entered into by the Borrower and the Swing Line Lender (as such agreement may be amended, modified or supplemented from time to time, the "Autoborrow Services Agreement"), and otherwise on the date (which shall be a Business Day), at the time and in the amount as provided in the Autoborrow Services Agreement. The Autoborrow Services Agreement shall specify, among other things, the base interest rate applicable to any Swing Line Loan (such rate, the "Base Swing Line Rate"), the minimum amount of each Swing Line Loan and the minimum and maximum period during which any Swing Line Loan may remain outstanding. The Swing Line Lender shall have no obligation to make available to the Borrower any Swing Line Loan until such time as the Borrower and the Swing Line Lender shall have executed and delivered the Autoborrow Services Agreement.
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Related to Swing Line Loan Borrowing Procedure

  • Swing Line Loans The Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date ten Business Days after such Loan is made and (ii) the Maturity Date for the Revolving Credit Facility.

  • Procedure for Borrowing Swingline Loans The Borrower shall give the Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 3:00 p.m. on the proposed date of such borrowing. Any such notice given telephonically shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline Lender by telecopy on the same day of the giving of such telephonic notice. On the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article V. for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing not later than 4:00 p.m. on such date.

  • Procedure for Revolving Loan Borrowing The Borrower may borrow under the Revolving Commitments during the Revolving Commitment Period on any Business Day; provided that the Borrower shall give the Administrative Agent irrevocable written notice (which notice must be received by the Administrative Agent (i) in the case of Eurocurrency Loans, prior to 12:00 Noon, New York City time, three Business Days prior to the requested Borrowing Date or (ii) in the case of ABR Loans, prior to 12:00 Noon, New York City time, one Business Day prior to the proposed Borrowing Date), specifying (x) the amount and Type of Revolving Loans to be borrowed, (y) the requested Borrowing Date and (z) in the case of Eurocurrency Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. The aggregate principal amount of all Revolving Loans made on the Closing Date shall not exceed $25,000,000 (which amount, for the avoidance of doubt, shall not include the face amount of any outstanding Letters of Credit). Each borrowing by the Borrower under the Revolving Commitments shall be in an amount equal to (x) in the case of ABR Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate Available Revolving Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurocurrency Loans, $1,000,000 or a whole multiple of $500,000 in excess thereof; provided that the Swingline Lender may request, on behalf of the Borrower, borrowings under the Revolving Commitments that are ABR Loans in other amounts pursuant to Section 2.7(a). Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 11:00 A.M., New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account designated in writing by the Borrower to the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by such Revolving Lenders and in like funds as received by the Administrative Agent. If no election as to the Type of a Revolving Loan is specified, then the requested Loan shall be an ABR Loan. If no Interest Period is specified with respect to any requested Eurocurrency Loan, the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

  • Swingline Loan Subfacility During the Availability Period for the Revolving Credit Facility, subject to the terms and conditions set forth herein, the Swingline Lender agrees to make certain revolving credit loans (each, a “Swingline Loan” and collectively, the “Swingline Loans”) to the Revolving Credit Borrowers in Dollars from time to time on any Business Day provided that, (a) the aggregate amount of Swingline Loans outstanding at any time shall not exceed the Swingline Committed Amount, (b) the Revolving Credit Exposure of any Revolving Credit Lender shall not exceed such Revolving Credit Lender’s Revolving Credit Commitment, (c) the Total Revolving Credit Outstandings shall not exceed the Line Cap, and (d) the Total Revolving Credit Outstandings shall not exceed the Revolving Credit Dollar Cap. Swingline Loans may be repaid and reborrowed in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Swingline Lender shall not be required to make a Swingline Loan if any Credit Party shall have notified the Swingline Lender and the Revolving Credit Borrowers in writing at least one (1) Business Day prior to the Borrowing Date with respect to such Swingline Loan, that the conditions set forth in Section 4.02 have not been satisfied and such conditions remain unsatisfied as of the requested time of the making such Swingline Loan. Each Swingline Loan shall be due and payable in full on the earlier of (a) the Swingline Termination Date, or (b) such earlier maturity date as may be agreed to by the Swingline Lender and the Revolving Credit Borrowers. Swingline Loans may only be Adjusted Base Rate Borrowings and may not be SOFR Borrowings.